What to Do If Your Rental Stops Renting

August 28, 2024

As a real estate investor eager to make a profit on your rental properties, you never want to face the facts that your homes are difficult to rent out.

Even in a city like Dallas or Fort Worth where the rental market is extremely competitive, it’s possible for your rentals to fly under the radar and cost you a ton in extra mortgage payments.

If your rental stops renting, you need to act fast to avoid a financial sinkhole. Here’s a look at some of our tips for getting your rental properties back on track.

Competitive Pricing

One of the most common reasons a property may not be rented is that the price is not competitive. Pricing your property appropriately is the ultimate first step to attracting potential tenants.

If your rent is too high compared to similar properties, renters will simply look elsewhere.

We understand that renting out properties is about helping you secure your financial future, but your price could be hidden behind rose-colored lenses.

Conducting thorough market research is essential; you should compare your property’s rental price with others in the neighborhood. Online platforms like Zillow and Craigslist can offer insights into what comparable properties are charging.

Adjusting your rent to reflect the market conditions may feel like a setback, but it’s a far better option than leaving the property vacant for an extended period.

Increase Property Visibility

Another crucial aspect of successfully renting out your property is visibility. Even the most competitively priced and well-maintained property won’t attract tenants if the right people are not seeing it.

In today’s digital age, renters predominantly search for rental properties online. Simply placing a sign in the yard or relying on word of mouth is insufficient. To maximize rental property marketing efforts, you should ensure that your property is listed across multiple online platforms and that your listings are optimized with high-quality photos and detailed descriptions.

Highlight key features such as the number of bedrooms and bathrooms, square footage, included appliances, and rental terms. Hire a professional photographer to come in and take flattering shots of your rental.

A well-crafted online presence can significantly increase interest in your property.

Reevaluate Restriction Policies

The policies you enforce on your rental can also significantly affect its appeal. Restrictive policies may be deterring potential tenants. For instance, if your property isn’t pet-friendly in a market where many renters have pets, you might limit your pool of applicants.

It’s important to balance protecting your investment with attracting a wider audience. You may have to step out of your comfort zone, devote more maintenance efforts to your property, and appeal to the needs of renters to keep long-term rentals occupied.

If you aren’t getting renters, take a look at surrounding rentals. Assess whether your current policies are too rigid and consider making adjustments that could open your property to a broader market without compromising on your essential needs.

Make Your Property More Attractive

The physical appeal of your property cannot be underestimated. If prospective tenants show initial interest but decline after viewing the property, it may be time to reassess its condition and devote time to property maintenance.

A well-maintained exterior can make a strong first impression. Similarly, the interior should be clean, modern, and in good repair. Consider whether outdated appliances or worn-out fixtures are turning potential tenants away.

Investing in upgrades, such as new kitchen appliances or fresh paint, can make your property more attractive and justify a higher rental price. While these improvements may require upfront costs, they can pay off by reducing vacancy periods and attracting long-term tenants.

Understand Market Conditions: Timing is Everything

Market conditions also play a significant role in how quickly you can rent out your property. In some cases, an oversaturated rental market can make it challenging to find tenants. Understanding the rental cycle in your area is key.

If you struggle to rent during a low-demand period, consider making temporary concessions, such as offering a slightly reduced rent or more flexible lease terms. These strategies can help you secure a tenant now and position your property for a better rental market in the future.

Take Proactive Steps to Minimize Vacancy With Classic Property Management

If your property isn’t renting, it’s crucial to take a step back and evaluate the potential reasons why. Property management is a business that requires continuous learning and adaptation, and by taking proactive steps like the ones we’ve mentioned, you can minimize vacancy periods and maximize your rental income.

However, sometimes you need a seasoned pro at your side. At Classic Property Management, we have decades of experience helping landlords make their rentals appealing and keep them occupied. We are here to assist you with expert advice and tailored strategies to ensure your property doesn’t become a financial burden.